The In-Country Value (ICV) program is a key initiative in Qatar aimed at promoting the growth of local businesses and encouraging the private sector to contribute more to the country’s economy. As part of this program, all companies operating in Qatar are required to obtain ICV certification, which serves as proof of their contribution to the country’s economy. To obtain In Country Value certification, companies must provide certain information and documentation.
One of the first pieces of information required for ICV certification is basic information about the company, including its legal entity, business activities, and ownership structure. This information is used to determine whether the company is eligible for ICV certification and what level of certification it may be eligible for.
Financial information is also a key component of the ICV certification process. Companies are required to provide financial statements, bank statements, and tax returns to demonstrate their financial performance and their contribution to the local economy. This information is also used to determine the company’s eligibility for ICV certification.
Employee information is another key component of the ICV certification process. Companies must provide information about the number of employees they have, their salaries, and benefits. This information is used to determine the company’s contribution to the local job market and its eligibility for ICV certification.
Procurement information is also required for ICV certification. Companies must provide information about their procurement activities, including the amount spent on local goods and services. This information is used to determine the company’s contribution to the local supply chain and its eligibility for ICV certification.
Social contribution information is another key component of the ICV certification process. Companies must provide information about their social responsibility initiatives and donations to local charities. This information is used to determine the company’s contribution to the local community and its eligibility for ICV certification.
Finally, companies must provide information about their training and development programs, including the number of employees trained and the amount spent on training. This information is used to determine the company’s contribution to the local workforce and its eligibility for ICV certification.
In addition to providing the above information, companies must also provide supporting documentation such as invoices, receipts, and contracts to verify the information provided.
In conclusion, the ICV program in Qatar is an important initiative aimed at promoting the growth of local businesses and encouraging the private sector to contribute more to the country’s economy. Companies operating in Qatar must obtain ICV certification, which requires them to provide comprehensive information about their business activities, financial performance, employees, procurement, social contribution, and training and development programs. By obtaining ICV certification, companies can demonstrate their commitment to the local economy and their eligibility for government contracts and incentives.
